- Nvidia's stock is rising after reporting an across the board beat on earnings.
- The company reported adjusted earnings of $1.72.
- Revenue came in at $2.91 billion.
ADVERTISEMENT
Nvidia is surging after a record-setting earnings report (NVDA)
The company will likely have to show growth outside of cryptocurrency to impress investors.
Nvidia reported its 2017 fourth-quarter earnings after the bell Thursday.
The company earned adjusted earnings of $1.72, easily beating the $1.29 that Wall Street was anticipating. Revenue came in at $2.91 billion compared to analyst estimates of $2.676 billion. The company said it was a record quarter in all measures.
Shares of the company are popping after the report, currently up 7.66% at $235.03 apiece. The stock slid more than 2% during regular trading as the broader market came under pressure.
ADVERTISEMENT
Nineteen of the 35 analysts surveyed by Bloomberg rated the company as a buy ahead of earnings, and just two rated it as a sell.
Ahead of the report, Wall Street's enthusiasm was waning. AMD, Nvidia's chief rival in the GPU market, reported that one-third of the growth in its graphics unit came from cryptocurrency miners. Mitch Steves, an analyst at RBC Capital Markets, said that Nvidia will not only have to top earnings estimates, it will have to show it can grow its business without the help of volatile cryptocurrencies if it's to keep moving its stock higher.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
ADVERTISEMENT